Daily Equity News Letter 19-01-2012

MARKET WRAP FOR EQUITY

·         Indian market ends moderately down; Nifty down 11 pts, Sensex down 15 pts.

·         Britain’s Unemployment rate came at 8.4%; Claimant count change at 1.2K.

·         European markets were green with DAX leading; Dow futures was up 33 pts.

The markets closed flat today with capital goods, IT, metal and auto being the worst performers. Nifty was down 11 pts at 4956 & Sensex down 15 pts to settle at 16451. Euro markets were green with DAX up 38 pts at 6371, CAC up 14 pts at 3284 and FTSE up 14 pts at 5707. Dow Futures was up 33 pts at 12453

CH NIFTY OUTLOOK

Trend: – Consolidate           

Resistance: – 5020, 5100

Support: – 4880, 4800      

Strategy:       – Sell on high

CH BANK NIFTY OUTLOOK

Trend: – Consolidate

Resistance: – 9200, 9400

Support: – 8800, 8600

Strategy: – Sell on high     

Stock Recommendation

Money CapitalHeight’sstock recommendation for 19/01/2012 is Idea Cellular.
Idea Cellular from the few days is been in downtrend making lower top & lower bottom. Idea Cellular after making an lower bottom has come up and has made an lower top, but today it has lost significantly and currently is there on its support level. Idea Cellular has also broken its 50 DMA and has made a long bearish candle indicating bearishness in the near term. Today the stock has lost more than 3% and if continued is expected to test the level of 81-80 in the near term.

Our recommendation on Idea Cellular is SELL below86 for Target of 85 & 83.5

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